EOS Price Analysis: EOS/USD forms worrying wedge pattern, which looks vulnerable to a break south

• EOS was seen holding very modest gains of just 0.5% in the latter of Monday.
• Much of the crypto market saw a pullback, as bulls lost upside momentum.
• EOS/USD saved for now by the lower trend line of a wedge formation.

EOS price was seen up very marginally on Monday by just 0.5%, after initially starting the session with solid gains, building on the substantial progress made on Sunday. The bulls across the crypto market appear to have run out of steam for now.

Bears have piled in on selling the bull rallies seen for several major altcoins over the weekend. EOS/USD for the past few sessions has been trading within a narrow range, from $7.60-8.25. The price actioned has formed a rising wedge pattern seen, which is vulnerable to a break to the downside.

 Near-term support is holding for now, which is seen at the lower part of the wedge, $7.82, a breach would expose a large amount of selling. Earlier in the month, around 9th July, a similar area was broken, seeing the price plummet back down to the mid $6 region. Resistance to the upside for now seen at $8.35 the upper part of the wedge pattern.

EOS/USD 4-hour chart